Energy Vault Appoints IPP Industry Vet Cory Magnuson as President of Asset Vault, Announces Expansion of Financing Platform to Support Massive Demand in AI Compute Infrastructure Solutions
Magnuson brings 20 years of deep capital formation and structured finance experience within the Independent Power Producer (IPP) and energy infrastructure sectors, most recently as the CFO of Spearmint Energy
Asset Vault financing platform expanded to cover current multi-gigawatt AI compute infrastructure solutions under active development for Powered Land and Powered Shell "edge" modular data centers
Asset Vault platform now controls 1.1 GW of infrastructure assets expected to generate over $180 million in recurring annual EBITDA with 3GW+ under active development supporting Energy Vault's mid-term objective of exceeding 4 GW of installed assets and $1.8 billion in recurring EBITDA by 2030
With over $1.3 billion in long term, contracted backlog from public utilities, sovereign governments and IPP's globally, Energy Vault is scaling one of the industry's fasting growing energy infrastructure ownership platforms
Energy Vault (NYSE:NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable energy storage and AI compute infrastructure solutions, today announced the appointment of Cory Magnuson as President of Asset Vault, further strengthening the Company's ability to finance, develop, own and operate large-scale energy and AI infrastructure assets globally.
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Cory Magnuson
The appointment comes as Energy Vault continues rapidly expanding its Asset Vault platform, which now controls more than 1.1 gigawatts of energy and AI infrastructure assets expected to generate over $180 million in recurring annual EBITDA run-rate, while the Company continues advancing a global development pipeline exceeding 3+ gigawatts of additional projects across energy storage systems ("ESS"), powered land, powered shell and AI infrastructure deployments.
Energy Vault continues adding several hundred megawatts of additional development opportunities each quarter across North America, Australia, Japan and Europe, leveraging Asset Vault's integrated platform to originate, finance, build and operate high-value infrastructure assets serving utilities, hyperscalers, data center operators and industrial customers. The combination of accelerating AI compute demand, electrification, grid modernization and energy resiliency requirements is creating one of the largest infrastructure investment cycles in the global energy sector. Through Asset Vault, Energy Vault has already established an operational and financial platform designed to deploy capital efficiently into long-term, contracted infrastructure assets generating recurring cash flows and EBITDA.
As President of Asset Vault, Magnuson will oversee all financing and capital formation across Energy Vault's growing global infrastructure portfolio, while helping accelerate the Company's ability to scale infrastructure ownership and secure long-term project financing for both ESS and AI infrastructure assets. Magnuson will focus on enhancing Energy Vault's ability to raise and deploy large-scale institutional capital into the Company's rapidly expanding portfolio of owned assets, including utility-scale energy storage systems, powered land developments, powered shell infrastructure and AI-ready energy campuses. He brings deep industry expertise across project finance, tax equity, structured infrastructure capital and long-term asset monetization which is expected to support the accelerated expansion of Asset Vault across Energy Vault's global footprint as one of the fastest-growing integrated infrastructure ownership platforms in the energy storage and AI power sector.
Magnuson comes to Energy Vault with more than two decades of infrastructure finance and energy leadership experience. Most recently, he served as Chief Financial Officer of US-based IPP Spearmint Energy, where he helped scale the company's utility-scale energy storage platform and secure long-term infrastructure financing across multiple projects. Prior to Spearmint, he held senior leadership roles at BrightNight and BlackRock, with extensive experience spanning infrastructure investment, renewable energy development and independent power producer ("IPP") platform scaling.
"Asset Vault has grown into a highly effective infrastructure ownership and capital deployment platform operating at the intersection of energy storage, AI infrastructure and grid modernization," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "Cory's appointment significantly strengthens our leadership team and ability to accelerate capital formation and project financing capabilities as we continue scaling in the US and other high growth markets in Japan and Australia. Cory brings exactly the type of infrastructure finance and project monetization expertise required to accelerate EBITDA generation and expand our ability to raise institutional capital efficiently."
"I am thrilled to join Energy Vault at such a pivotal time in their growth trajectory and leading one of the industry's fastest growing financing platforms in Asset Vault," said Cory Magnuson, the new President of Asset Vault. "Energy Vault has quickly built an impressive track record and market reputation in executing projects efficiently and with the highest quality, as demonstrated by their strong project profitability and consistent 99%+ power availability to their customers. Their unique business model as a vertically integrated storage IPP allows them to control their own destiny in executing for customers, and I look forward to accelerating financing and capital deployment capabilities to support the company's growth objectives."
Energy Vault continues expanding Asset Vault globally through disciplined infrastructure ownership, technology flexibility, intelligent energy management software and integrated project execution capabilities. The Company's strategy combines utility-scale energy storage, advanced power plant controls, generation orchestration and AI infrastructure development into a unified infrastructure ownership platform designed to support both grid stability and the rapidly expanding power requirements of AI compute infrastructure. With more than 1.1 GW currently under management and an active, near term development pipeline exceeding 3 GW, Energy Vault continues advancing toward its mid-term objective of exceeding 4 GW of installed infrastructure assets and more than $1.8 billion in run-rate recurring EBITDA by 2030.
About Energy Vault
Energy Vault® is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems to accelerate time-to-power for utilities, independent power producers, industrial customers and the AI and data center market. At the core of its platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault's integrated solutions combine energy storage, generation, and advanced energy management to deliver scalable infrastructure tailored to customer needs. Its portfolio spans short-, long-, and multi-day duration storage, enabling reliability, flexibility and cost efficiency across applications. For utilities and grid operators, Energy Vault provides firm, flexible capacity enhances grid stability and helps to ensure reliable power delivery. For industrial and data center customers, the platform enables resilient, cost-efficient power supply to support critical operations. Through its Build, Own & Operate model, Energy Vault generates long-term, recurring revenues while delivering project execution excellence across development, delivery and operations. By combining innovation with disciplined execution, Energy Vault is redefining how power infrastructure is developed and deployed – delivering reliability, flexibility and scale in a rapidly evolving global energy market. Please visit www.energyvault.com for additional information.
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